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Leading Broker: Housing Incentives Fastest Route to Economic Boost, Improved Credit Rating

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image001With financial experts searching for ways to recover from last week’s stunning further downgrading of The Bahamas’ credit rating, a leading real estate broker today said one answer is right in front of our faces and up and down every block.
According to Mario Carey, incentives to encourage a flurry of activity in the housing market, both new construction and sales of existing homes, will spur economic growth in a way that no other quick fix with long-term benefits can.
“The housing market in Western societies is a leading predictor of economic health,” said Carey, founder and president of MCR, one of the country’s top property sales, leasing and management firms.
“Strong sales mean a strong and healthy economy and when sales fall off, it’s just a matter of time until you see a slide in all aspects of an economy.”
More than just an economic barometer, housing sales translate into jobs, he said.
“Every home that is sold generates three full-time jobs, according to research commissioned by the National Association of Realtors in the U.S.,” said Carey. “Here that number would be even greater. In both places, the spin-offs from home ownership are enormous and create sustainable business activity. It is not just the fees generated by the move itself but the ongoing expenses the homeowner assumes – lawn and gardening services, painting, perhaps pool or roofing or plumbing, electrical, air-conditioning, furniture, décor, appliances. There are also the benefits to government from Stamp Tax. On a luxury property sale of $10 million, for example, government immediately collects $1 million in Stamp Tax. Incentives move people at every income level. If the Stamp Tax is reduced to 6% for a specified time, the buyer considering a purchase may be prompted to complete and save a substantial sum when they split the tax with the seller.”
The highly successful broker who has handled more than one billion dollars in transactions in a career that spans three decades pointed to past successes when incentives were offered.
“When the government offered Stamp Tax exemptions for first time home buyers, we saw a tremendous response,” Carey said. “Then when the first $250,000 of a purchase was exempted from real property tax and Stamp Tax, it was another incentive and when the interest on outstanding balances of real property tax forgiveness was announced, that drove hundreds to bring their past due tax bills up to date. Incentives work and there has never been a better or more important time to introduce them to spur the housing market which in turn will show diversification of the economy leading to a strengthening of our credit rating.”
Carey has long argued that real estate should be recognized as the third pillar of the Bahamian economy, tying activity in the market to new construction, remodels, expansion and more.
“If anyone doubts how critical home ownership is to a healthy economy, look at what happens when sales slump,” says Carey. “When the housing market collapsed in 2008, it took the rest of the economy down with it and we are still feeling the repercussions, though I believe the economy is beginning its slow climb back up for the middle to upper middle class family who was so hard hit by the economic freefall.
“I encourage the government to appoint an ad hoc advisory committee comprised of real estate professionals, developers, financial institutions, the Bahamas Chamber of Commerce and a few successful businesspersons to report back in a relatively short period of time with recommendations for jumpstarting housing sales across the board,” said Carey. “I want to see the day when every Bahamian youngster coming out of school believes that he or she will own a home and that can be their reality. Home ownership is the single fastest route to economic prosperity. And it is one step we can take without damaging the environment or causing long-term negative impacts. It is time to explore the options.”

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

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Beaches Turks & Caicos wrapped up another successful Provo Men’s Premier League season  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos continued its strong commitment to sports development in the Turks and Caicos Islands with its sponsorship of the 2025/2026 Provo Men’s Premier League, a partnership that has significantly elevated the competition for a second consecutive year.

The season, which saw an increase in participating teams and heightened competitiveness across the league, has been widely regarded as one of the most successful in recent years. The top honours were shared between two of the league’s most dominant sides, SWA Sharks FC and Academy Eagles FC, both delivering consistent and high-level performances throughout the campaign.

Turks and Caicos Islands Football Association (TCIFA) Technical Director Dane Ritchie highlighted the critical role Beaches Turks and Caicos played in strengthening the league’s structure and overall quality.

“The sponsorship from Beaches Turks and Caicos for the second year helped tremendously in making the competition a success,” Ritchie said. “This season we were able to have a more structured programme with the inclusion of youth talents coming to the fore, as well as the improvement of the coaching staff for the different teams being certified by Concacaf.”

Ritchie noted that the enhanced organisation of the league created more opportunities for emerging players, while also raising the standard of coaching and match preparation. The integration of youth talent into senior teams was particularly impactful, signaling a positive shift toward long-term player development within the territory.

Provo Men’s Premier League President Patrick Baptiste echoed these sentiments, describing the season as a milestone for both football and youth advancement in the Turks and Caicos Islands.

“This was a very good year for football and youth development,” Baptiste said. “We were able to overcome a few challenging moments, but the overall grade for this season is an A.”

Baptiste emphasised that the continued support from Beaches Turks and Caicos has been instrumental in driving the league forward, providing much-needed financial backing and stability.

“With a title sponsor like Beaches Turks and Caicos providing the financial support again for this season, we are grateful,” he added. “We have come a far way and we still have a way to go, but the TCIFA team has been charged to continue to be creative in our marketing and being more inclusive in how we seek to showcase the talents of the TCI.”

Beaches Turks and Caicos Resort General Manager Deryk Meany also expressed satisfaction with the partnership and the overall progress of the league.

“Our commitment to youth development and the growth of sports and community throughout the TCI is of paramount importance to us as an organisation,” Meany said. “We are satisfied with this partnership and being the main sponsor is a major accomplishment for the resort. We are happy to have fielded a team this season that was placed fourth in the knockout round of the competition. We are seeking to continue to provide growth for our team members as well as the development of talent throughout the TCI.”

The 2025/2026 season also reflected broader efforts to professionalize football operations locally, including improved scheduling, officiating standards and fan engagement initiatives. Matches drew increased attendance, while community interest in the sport continued to grow, particularly among young athletes aspiring to compete at higher levels.

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Platinum Sponsor Beaches Turks & Caicos celebrates top Corporate Engagement title at DG’s 5K 2026  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos has been recognised with the corporate engagement award after fielding the largest number of participants in the second staging of the Turks and Caicos Islands Deputy Governor’s 5K Run/Walk, held recently.

The resort, which also served as a platinum sponsor for the event, mobilized an impressive team of 100 participants, demonstrating its strong commitment to community engagement, health, and philanthropy. Proceeds from the initiative will benefit three key organisations: the Turks and Caicos Islands Cancer Society, the United Way of the Turks and Caicos Islands and the Ashley Learning Centre.

General Manager Deryk Meany praised the collective effort of the Beaches team, highlighting the significance of the initiative both for employee wellness and community impact.

“This was a team effort that saw the resort mobilising a strong team to participate in this event,” Meany said. “It provided a healthy activity for participation as well as giving back to a worthy cause. Congratulations to the Deputy Governor and her organising team for staging such a successful event.”

Participants from across various departments joined the early morning run/walk, showcasing camaraderie, determination and a shared commitment to making a difference.

Hotel Manager Ghislain Boutoulle described the event as both physically rewarding and meaningful.

“The route was very good. It was challenging at first but once I got the pace of the run, it was a good morning workout that was done for a worthy cause,” Boutoulle shared. “The Beaches team were well organised and showed the grit and determination to complete the run.”

For many team members, the experience extended beyond fitness, offering opportunities for personal connection and memorable moments. Soraha Jolly from the resort’s entertainment department highlighted the event’s emotional significance.

“This was good. I got the chance to participate with my mother and we ended the run feeling healthy,” Jolly said. “The event was a combination of partnership, healthy lifestyle and camaraderie. I am looking forward to the next staging to be the first to register for the Beaches team. It was a great experience for the entire team, but a very special one for me and my mom.”

Deputy Governor Her Excellency Anya Williams commended all participants and sponsors, with special recognition given to Beaches Turks and Caicos for its outstanding contribution.

“The three beneficiaries for this year’s staging were carefully selected to benefit from this event,” the Deputy Governor noted. “Giving back to the community, providing support for health through the Cancer Society and building a strong platform for education with the Ashley Learning Centre allowed the team to give back to a great cause.”

She continued, “We are grateful for all our sponsors but a special commendation to our platinum sponsor, the Beaches Turks and Caicos team, for not only donating but having the largest contingent of participants for this event. This is what true partnership looks like as we continue to build a strong relationship to make our community and the Turks and Caicos Islands better.”

The Deputy Governor’s 5K Run/Walk continues to grow as a signature community event, promoting wellness while raising critical funds for organisations that support health, education and social development across the islands.

Beaches Turks and Caicos’ strong showing this year underscores the resort’s ongoing commitment to corporate social responsibility and community partnership. With its record participation and enthusiastic team spirit, the resort has set a high benchmark for future events, reinforcing its role as a leader in both hospitality and community engagement in the Turks and Caicos Islands.

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Experience Turks and Caicos and Statistics Authority Publish Latest Visitor Exit Survey Report    

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Providenciales, Turks and Caicos Islands (June 16th, 2026) — Experience Turks and Caicos, in collaboration with the Statistics Authority, has announced the completion and publication of the latest Visitor Exit Survey Report, providing enhanced insights into visitor behaviour, spending patterns and overall travel experiences in the Turks and Caicos Islands.

The Visitor Exit Survey is a joint initiative designed to better understand the characteristics of visitors to the destination, including their travel motivations, length of stay, expenditure, satisfaction levels and perceptions of the Turks and Caicos Islands as a tourism destination.

While exit surveys have been conducted in previous years, this latest publication marks a significant enhancement in the way tourism data is collected and shared. It introduces a new quarterly reporting framework, with surveys conducted at the end of each quarter and findings published on a more frequent basis throughout the year.

This improved reporting cycle is intended to provide more timely and actionable insights to support tourism planning, policy development, marketing strategy formulation and broader industry decision-making.

“The Statistics Authority is pleased to partner with Experience Turks and Caicos on the Visitor Exit Survey program,” said Mr. Shirlen Forbes, Director. “As tourism remains the cornerstone of our economy, reliable and timely data is essential for understanding visitor behaviour, measuring tourism’s economic impact and supporting informed decision-making. We value our ongoing collaboration with Experience Turks and Caicos and believe these quarterly reports will provide stakeholders with valuable insights to help guide the future growth and development of the industry.”

Miss Sharissa Lightbourne, Marketing Intelligence Manager of Experience Turks and Caicos, noted that the expanded approach will allow government and industry stakeholders to better track trends in visitor behaviour and assess the economic contribution of tourism beyond traditional arrival statistics.

“Data is the foundation of informed decision-making and plays a critical role in shaping the future of our tourism industry. The insights contained in this report provide a deeper understanding of who our visitors are, how they experience the destination, and how they engage with our tourism product. This information is invaluable to our hotel partners, service providers, investors and other stakeholders as they refine their business strategies, enhance the visitor experience and identify new opportunities for growth. I would like to thank the Statistics Authority for its continued collaboration and commitment to strengthening tourism intelligence in the Turks and Caicos Islands. I encourage everyone in the industry to download the report and explore the valuable insights it contains,” she said.

The findings will also support more targeted destination marketing efforts, improved visitor experience initiatives and more informed investment decisions across the tourism sector.

Experience Turks and Caicos and the Statistics Authority reaffirm their commitment to strengthening tourism intelligence and ensuring that stakeholders across the industry have access to reliable, timely and relevant data.

Download the report here: https://issuu.com/myexperiencetci/docs/tci_departing_visitor_survey_report_q1_2026

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